| West Palm Beach, FL – MHCommercial Real Estate Fund, a South Florida based real estate private equity fund launched by principals of leading South Florida Commercial Real Estate firm NAI Merin Hunter Codman, has completed the sale of Prince Creek Village an upscale Myrtle Beach, South Carolina shopping center for $6,350,000 ($352/SF). Prince Creek Village, located at 11920 SC Highway 707, Murrells Inlet, South Carolina, was one of the first acquisitions made by MHCommercial Real Estate Fund in September 2019. MHCommercial Real Estate Fund currently manages two investment Funds, MHCommercial Real Estate Fund I and Fund II. Tom Kolarczyk and Andrew Jomantas of JLL Capital Markets in Charlotte, NC represented the seller, MHC Prince Creek Village Owner LLC, a subsidiary of MHCommercial Real Estate Funds. The purchaser, Prince Creek Investments, LLC, is an affiliate of Zapolski Real Estate, LLC. Prince Creek Village is a 100% occupied, 18,035-square foot, Publix “shadow anchored”, retail shopping and medical center located adjacent to the TPC Championship Myrtle Beach Golf Club and a premier 2,500 residential community in Murrells Inlet, a renowned suburb of Myrtle Beach. Through the dynamic partnership between MHCommercial Real Estate Fund and their property management firm, NAI Merin Hunter Codman, MHCREF was able to implement a property improvement plan that allowed it to lease all vacant space, renew existing tenants and significantly grow rental rates, thereby completing its business within the investment’s 5-year time horizon. MHCREF principals Neil E. Merin and Jordan Paul stated, “We were pleased to successfully complete our business plan for Prince Creek Village. This investment exemplified our strategy of adding value to well-located assets with great tenants in fast growing Southeastern markets.” CLICK HERE to view the full press release. |
Thank you to the following media organizations that reshared this press release.
Chamber of Commerce of the Palm Beaches View Link | View PDF
Boca Raton Chamber View Link | View PDF
North Palm Beach Chamber View Link | View PDF
Shopping Center Business View Link | View PDF
